# Service Sector / Non-Tradable Channel Tests

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| D1: Z → trade openness (inverse NT) | trade_openness | 5,414 | 173 | 0.028 |
| D2: Z → health_exp (NT demand) | health_exp_gdp | 4,366 | 185 | 0.268 |
| D3: OECD Z → health_exp | health_exp_gdp | 919 | 38 | -0.146 |
| D4: non-OECD Z → health_exp | health_exp_gdp | 3,447 | 147 | 0.112 |
| D5: OECD health → REER | log_reer_combined | 887 | 37 | -0.048 |
| D6: non-OECD health → REER | log_reer_combined | 1,445 | 61 | -0.006 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| D1: Z → trade openness (inverse NT) | Z_1 | 57.8552 | 42.9211 | 0.1777 |  |
| D1: Z → trade openness (inverse NT) | Z_2 | -10.0931 | 6.3442 | 0.1117 |  |
| D1: Z → trade openness (inverse NT) | Z_3 | 0.5066 | 0.2597 | 0.0512 | * |
| D2: Z → health_exp (NT demand) | Z_1 | -0.6501 | 2.3905 | 0.7857 |  |
| D2: Z → health_exp (NT demand) | Z_2 | 0.4350 | 0.3476 | 0.2108 |  |
| D2: Z → health_exp (NT demand) | Z_3 | -0.0230 | 0.0141 | 0.1024 |  |
| D3: OECD Z → health_exp | Z_1 | 19.4215 | 7.0217 | 0.0058 | *** |
| D3: OECD Z → health_exp | Z_2 | -2.8910 | 0.9355 | 0.0021 | *** |
| D3: OECD Z → health_exp | Z_3 | 0.1162 | 0.0353 | 0.0010 | *** |
| D4: non-OECD Z → health_exp | Z_1 | -3.9711 | 2.6016 | 0.1270 |  |
| D4: non-OECD Z → health_exp | Z_2 | 0.9828 | 0.3842 | 0.0106 | ** |
| D4: non-OECD Z → health_exp | Z_3 | -0.0478 | 0.0157 | 0.0024 | *** |
| D5: OECD health → REER | health_exp_gdp | -0.0006 | 0.0047 | 0.8918 |  |
| D6: non-OECD health → REER | health_exp_gdp | -0.0012 | 0.0052 | 0.8220 |  |